New prospective F1 team emerges as a contender for a slot on the grid: Report

It was recently reported that a new F1 team has emerged and expressed interest in joining the grid. Including the new contenders, a total of five different teams are now trying to get into the single-seater sport in the future.

According to RacingNews365, this new team will be Swiss-based and will be headed by Craig Pollock, founder of the British American Racing F1 team and manager of Jacques Villeneuve. However, he did not reveal any information about submitting an EOI (expression of interest) to the FIA in order to join the grid in the future.

Pollock was revealed to be linked with a few Saudi Arabian royalties who desired an F1 team that would officially represent their country in the sport. They also wanted to operate with EDI (Equality, Diversity, and Inclusion) at its core.

RacingNews365 approached Prince Khalid, President of the Saudi Motorsport Federation, about their new F1 team and vision to enter the sport in the future. Prince Khalid said:

"It’s still in the very early stages, there are lots of feasibility studies, there’s a lot of things we still need to do and consider. Now things are a lot easier to enter Formula 1, but there’s a lot to do before we take the final decision."

He added:

"Hopefully we can sort a lot of things soon and not later, because to enter Formula 1 later will cost a lot more. We are looking closely, and we have a lot of interest. Motorsport into a profitable business. It’s our goal to bring the knowhow, experience and expertise [to Saudi Arabia]; its our goal not just to host events."

He further noted:

"We want to have a bigger role in Formula 1, we want a Saudi team hopefully, one day in the near future we want to have Saudi mechanics, maybe we can start manufacturing cars here, maybe move some of the [team] headquarters to Saudi."

In addition to Pollock's new team, Andretti-Cadillac, Panthera, and HiTech are all attempting to enter the sport. Andretti is far ahead in the race as they have confirmed their power unit suppliers and hosted a press conference revealing their intentions and goals as well. Panthera, HiTech, and Pollock, on the other hand, still have lots to sort out before securing a spot in the top single-seater racing series.

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FIA president welcomes new prospective F1 teams by launching new entry process

A few months back, FIA president Mohammed Ben Sulayem posted on Twitter about how he had asked his team to start a new process for new teams to enter F1, named 'Expression of Interest'. The tweet was posted from his official Twitter handle before his account was deleted. The tweet read:

"I have asked my @FIA team to look at launching an Expressions of Interest process for prospective new teams for the FIA @F1 World Championship."

The new process has several conditions and requirements for new teams to follow. As of now, only the Andretti-Cadillac team has officially agreed and submitted their EOI application to the FIA.